In Vic .ai’s recent survey of Client Accounting Services and Outsourced Accounting firms, we asked participants about the starting salary for entry-level positions, how many open jobs they’re looking to fill, and how difficult it is to fill entry-level jobs as well as jobs that require multiple years of experience.
The following is an excerpt from our report, The State of Client Accounting Services and Outsourced Accounting.
What is the starting salary for an entry-level position on your CAS/OA team? (Annualized)
Survey participants provided insight on the size of CAS/OA teams, how many years each employee on the team has been at each firm, how many total years of relevant experience each person has on the team, whether the team provides other services, the number of people on each team with a bachelor’s or master’s degree in accounting, and the number of CPAs on the team.
Next, participants addressed starting compensation of entry-level CAS/OA team members.
$40,000-$49,999 proved to be the most popular salary bracket, with 24% of participants voting in that range. The $50,000-$59,999 and $30,000-$39,999 starting salary brackets closely followed with 22% and 20% of the participants’ votes respectively.
So about two-thirds of participants (66%) work on teams where the starting salary for an entry-level position ranges from $30,999 and $59,999.
At the lower end of the pay scale, about 14% of CAS/OA teams have entry-level starting salaries below $30,000. And at the upper end of the range, about 20% of CAS/OA teams pay starting salaries of at least $60,000.
How many open jobs are you trying to fill on your CAS/OA team?
After addressing issues around formal education, CPA credentials, and average entry-level starting salaries, participants next addressed three questions related to recruiting; specifically, the current number of open jobs on their CAS/OA team.
50% of participants are on CAS/OA teams with 1-5 open jobs. 40% of participants’ teams have zero open jobs.
To put this in context, as noted earlier, the median number of employees on a CAS/OA team is 5. The average number of employees on a CAS/OA team is 23.
A little over half of the participants (54%) are on small CAS/OA teams with 5 or fewer employees. 26% of survey participants are part of CAS/OA teams with 6-20 employees. And 20% of participants are part of larger teams with more than 20 employees.
How easy or difficult is it for you to fill open entry-level jobs?
Now that participants addressed the number of open jobs on their CAS/OA teams, participants rated their degree of ease or difficulty in filling open, entry-level jobs.
For filling entry-level jobs, participants most often (42%) responded that the process was neither easy nor difficult.
After that, 22% and 20% respectively rated the filling of entry-level jobs as either easy or difficult.
16% find the process of filling entry-level jobs very easy. And no one rated filling entry-level jobs as very difficult.
How easy or difficult is it for you to fill open jobs that require multiple years of experience?
Does filling jobs on CAS/OA teams become any easier or more difficult when those jobs advance from entry-level to jobs that require multiple years of experience?
It turns out: yes!
With CAS/OA jobs requiring multiple years of experience, participants most often (50%) rated these jobs as challenging to fill. As a distant second most common response (25%), more advanced jobs are regarded as neither easy nor difficult to fill.
16% find filling CAS/OA jobs requiring multiple years of experience either easy or very easy.
And only 12% find advanced CAS/OA jobs tough to fill.
In this article, you’ve learned about the starting salary for entry-level positions, how many open jobs they’re looking to fill, and how difficult it is to fill entry-level jobs as well as jobs that require multiple years of experience.
How does this survey data compare with your client account services or outsourced accounting firm? Tell us more in the section for comments below.
To learn the answers to all 30 questions asked in the survey, download your free copy of The State of Client Accounting Services and Outsourced Accounting.